Vietnam imports extra oil

Vietnam imports extra oil

HANOI (DPA): Vietnam, a key oil exporter, will import an extra
400,000 tons of petroleum this year in a bid to meet rising
demand and settle a jittery market, state media said on
Wednesday.

Prime Minister Phan Van Khai signed off on the Ministry of
Trade proposal to allow for the increase, which would bring the
petroleum import tally to eight million tonnes, Vietnam News
reported.

Prices of oil-based products have risen steadily over the past
months in Vietnam, but the government is in turn benefiting from
increased oil export value as world crude prices skyrocket.

Petroleum use is expected to rise sharply over the next decade
in Vietnam as millions more motorbikes hit the road.

Exports of crude - Vietnam's top foreign currency earner - are
forecast to rise seven per cent in volume to 16 million tonnes
this year, with value jumping 68 per cent, papers reported this
month.

In the absence of a refinery, Vietnam imports nearly all its
petroleum products.